WAVE Life Sciences (NASDAQ:WVE) Stock Price Target Cut by Citigroup

WAVE Life Sciences (NASDAQ:WVE) had its price objective decreased by research analysts at Citigroup from $19.00 to $15.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s target price would suggest a potential upside of 341.96% from the stock’s previous close.

WVE has been the subject of a number of other reports. Ladenburg Thalmann & Co. Inc. started coverage on shares of WAVE Life Sciences in a research note on Thursday, October 1st. They set a “buy” rating and a $10.00 price objective for the company. Wall Street Zen upgraded shares of WAVE Life Sciences from a “strong sell” rating to a “hold” rating in a report on Saturday, October 31st. UBS Group started coverage on shares of WAVE Life Sciences in a research report on Thursday, October 15th. They issued a “buy” rating and a $11.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of WAVE Life Sciences in a research note on Wednesday, September 23rd. They issued a “neutral” rating for the company. Finally, Wedbush set a $13.00 price objective on shares of WAVE Life Sciences in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.44.

WAVE Life Sciences Price Performance

WVE traded down $0.03 during trading hours on Thursday, reaching $3.39. 452,016 shares of the stock traded hands, compared to its average volume of 3,673,802. The firm’s fifty day simple moving average is $3.80 and its two-hundred day simple moving average is $7.07. The company has a market cap of $669.40 million, a price-to-earnings ratio of -3.14 and a beta of -1.40. WAVE Life Sciences has a fifty-two week low of $3.04 and a fifty-two week high of $21.73.

WAVE Life Sciences (NASDAQ:WVE) last released its earnings results on Tuesday, October 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.03. WAVE Life Sciences had a negative return on equity of 44.66% and a negative net margin of 296.86%. The company had revenue of $13.16 million during the quarter, compared to analysts’ expectations of $4.51 million. On average, research analysts predict that WAVE Life Sciences will post -1.08 earnings per share for the current year.

Hedge Funds Weigh In On WAVE Life Sciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. R Squared Ltd bought a new position in WAVE Life Sciences in the 3rd quarter valued at $48,000. Bessemer Group Inc. grew its stake in WAVE Life Sciences by 118.4% in the third quarter. Bessemer Group Inc. now owns 15,550 shares of the company’s stock valued at $58,000 after acquiring an additional 8,430 shares during the period. AlphaGrep UK Ltd bought a new stake in shares of WAVE Life Sciences in the second quarter worth about $78,000. First Trust Advisors LP lifted its stake in WAVE Life Sciences by 15.7% in the first quarter. First Trust Advisors LP now owns 13,518 shares of the company’s stock valued at $98,000 after buying an additional 1,830 shares in the last quarter. Finally, Seven Fleet Capital Management LP acquired a new position in shares of WAVE Life Sciences in the second quarter valued at approximately $111,000. Institutional investors and hedge funds own 89.73% of the company’s stock.

About WAVE Life Sciences

WAVE Life Sciences Ltd. is a biotechnology company developing RNA-based medicines for genetically defined diseases. Founded in 2012, the company is headquartered in Cambridge, Massachusetts, and uses its oligonucleotide chemistry and drug-design capabilities to develop treatments intended to alter or regulate gene expression. Its research includes antisense oligonucleotide therapies and RNA-editing approaches. Programs have targeted conditions such as Huntington’s disease and alpha-1 antitrypsin deficiency, with the latter exploring RNA editing to address a disease-causing genetic variant.